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12-01-2023, 10:39 AM #11
May your mind be unboggled for the new year. You are being judgemental and not constructive. I have several lenders I deal with that work with me and the merchant to get files across the finish line..and we all work together on that.....I meet new ones all the time..some banks for 504..some non banks for 7A....instead of being critical in your post, why not post up contact information. I no longer work with some lenders, like NewTek as their service level has deterioriated significantly. Two of my lenders are out of the box now for truckers (I funded a trucker for $900K last month that this lender won't do now) but I have new ones (not SBA) who can use assets, A/R, inventory...and we are reviewing master credit lines to get trucks off balance sheet to be sale leaseback instead of purhase to reduce the debt. Guidelines are moving, alternatives are being pursued....it is what is it.
And we have a client now that has a SBA 7A through Byline bank....they will subordinate their A/R and inventory collateral for a larger term loan instrument we are working on to get this client in the $12MM term loan range. (Mainly due to the relationship of the bank with the merchant)
Lastly if the merchant has enough assets, yes you don't need to collateralize A/R or inventory.Last edited by Olderguy; 12-01-2023 at 08:06 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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